Tamarack Valley Energy Ltd. reported audited operating results for the fourth quarter ended December 31, 2016. For the quarter, the company reported total average daily production of 11,453 boe/d. Company's fourth quarter volumes are 6% higher than the previous quarter and 16% higher than the 2015 fourth quarter rate. Strong fourth quarter production is a result of continued successful drilling in the Wilson Creek /Alder Flats area of Alberta as well as positive performance from the Penny and Redwater assets that were acquired in June, 2016.

Tamarack is re-affirming its 2016 annual average production guidance of between 19,000-20,000 boe/d (approximately 55-60% liquids), with 2017 exit production estimated between 20,000-21,000 boe/d (approximately 57-62% liquids). Capital expenditure range of $165 million to $175 million, with first half 2017 expenditures $65 million to $75 million. Estimated year end 2017 fourth quarter annualized debt to cash flow (including hedges) ratio below 0.9 times with an estimated $70 million to 75 million of liquidity on the company's existing credit facilities.